“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”
Bitcoin has dropped considerably this week, hitting a low of $44,292, from an all-time high of $58,000, as per data provided by TradingView.com.
The sum of $170 million invested by Square to acquire 3,318 Bitcoins translates to an average of $51,235 per cryptocurrency.
Square issued the following clarification with respect to its investment in Bitcoin:
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”
Notably, last October Square acquired $50 million worth Bitcoin.
Square revealed the investment while reporting its quarterly results. Twitter CEO Jack Dorsey also reins as CEO of Square. In recent times, Dorsey set aside 1 Bitcoin to a non-profit organization working for the advancement of Bitcoin’s core technology.